Tue, 16 Oct 2018 | ADMINISTRATION
The Bristol-based company that commissioned the project to break the land speed record has gone into administration to find a solution in order to take the project to completion.
Partners of specialist business advisory firm FRP Advisory LLP, Andrew Sheridan and Geoff Rowley, have been appointed as joint administrators of Bloodhound Programme. Talks are currently underway to find potential solutions and offers are being invited.
Joint administrator Andrew Sheridan said: "Bloodhound is a truly ground-breaking project which has already built a global audience and helped to inspire a new generation of STEM talent in the UK and across the world.
"Entering into administration provides some breathing space to identify an investor who will bring the guaranteed funding, impetus and expertise required to drive the project forward.
"Whilst not an insignificant amount, the £25 million Bloodhound requires to break the land speed record is a fraction of the cost of, for example, finishing last in a F1 season or running an Americas Cup team.
"This is an opportunity for the right investor to leave a lasting legacy. We are already in discussion with a number of potential investors and would encourage any other interested party to contact us without delay."
The Bloodhound supersonic vehicle is already built and has been conducting low-speed trials however needs the further investment if it is to have any chance of breaking records in South Africa.
Mark Chapman, chief engineer of Project Bloodhound, said: "As we now move out of the R&D phase and into the operational phase of the project, we recognise that we need a different approach to funding.
"This project is built around the most successful team in the history of Land Speed Racing, and with the right support we have no doubt that the project will achieve its aims and could be racing for the record in as little as ten months"
Founded in 2007, Project Bloodhound aims to hit speeds of 1,000 mph on the specially built race track in the Northern Cape of South Africa.
For all our administrations listings, click here. For more news stories about administrations click here.
An excellent opportunity exists to purchase the business and assets of a well-established festival business that has built up a successful annual festival in the South East of England. Offers invited.
LEASEHOLD
Retailers of consolidated scheduled air fares to the general public business clients & other travel agencies. Complementing its air fare sales the company also offers tailor-made holiday itineraries package holidays accommodation care hire & insuranc...
Designer developer & manufacturer of a laser clay pigeon shooting sport sold to a worldwide customer base & utilised by leisure centres corporate event companies & private individuals. Can be operated both outdoors & indoors as a competitive sport or...
|
14
|
|
Jul
|
Huddersfield retail park acquired out of administration | COMMERCIAL PROPERTY
Huddersfield’s Gallagher Retail Park has been acquired...
|
14
|
|
Jul
|
Directors of distressed companies get more breathing space | BUSINESS NEWS
The temporary suspension of wrongful trading provisions intr...
|
13
|
|
Jul
|
Yorkshire retailer Peter Jones enters administration | ADMINISTRATION
Well-known Wakefield-based retailer Peter Jones has entered ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
22
|
|
Aug
|
Welsh technology firm plunges into administration | ADMINISTRATION
Thought to be one of the country’s leading ICT supplie...
|
17
|
|
Jul
|
Preston caravan manufacturer seeks buyer following administration | ADMINISTRATION
A caravan manufacturing business in Preston is on the lookou...
|
10
|
|
Jun
|
Historic Hull electrical engineering firm enters administration | ADMINISTRATION
An electrical engineering company, founded by William Shuttl...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources